Seriously? Naira crosses N700 per dollar at ‘black market’

The naira, on Monday, continued its downward trend at the parallel market, falling to N702 per dollar.

The parallel market, dominated by the Abokis, is popularly referred to as the black market in Nigeria.

The figure, according to TheCable, represents N10 or 1.4 per cent depreciation compared to the N692 it traded last week.

Bureaux De Change operators in Lagos and Abuja, who spoke to TheCable, said there is high demand for foreign currency in the street market.

The street traders put the buying price of the dollar at N690 and the selling price at N700-N702, leaving a profit margin of N10-N12.

Recall that last month, the naira weakened to N707 a dollar. It later strengthened to N670 after security operatives raided a BDC hub in Abuja.

At the official market, the local currency appreciated 0.08 per cent against the dollar to close at N430.33 at the end of the last trading day (Friday), according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.33.

It sold for as low as N417 to the dollar within the day’s trading. A total of $82.38 million traded in foreign exchange at the official investors and exporters window.

Recently, the Central Bank of Nigeria released $265 million to airlines operating in the country to settle outstanding ticket sales.